Taxes on Lottery Winnings

federal tax rate for lottery winnings
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The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because

However, the jackpot pushes the winner into the top federal tax bracket, which is 37% for 2024, Campo said After the 24% withholding, the

federal tax for lottery winnings Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take

federal taxes on lottery winnings If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W-